No coins were added to the bitcoin supply, as some headlines might lead you to believe.
The company shed $130 million in value after J Capital’s report.
Delivery of the new machines is set to start in May.
The mostly ASIC devices used to mine bitcoin are said to have been consuming 95 megawatts per hour of electricity at a reduced rate.
Fidelity's former director of mining, Amanda Fabiano, is leading the mining operations.
Terms of the investment were not disclosed.
Bitfarms was able to sell far few shares for the same amount of proceeds thanks to a 45% rise in its stock price in the last week.
The partnership is designed to lower the high cost of entry for would-be bitcoin miners.
The Las Vegas company has agreed to a direct offering of 12.5 million shares of common stock at $20 per share.
Shares of the company traded up 11% on the news of the deal to purchase miners later this year.
The company had a total value of $6.2 million a year ago.
Miners earned an estimated $692 million last month.
Mining difficulty passed 20 trillion Saturday morning.
Square Crypto’s latest grant will fund a developer’s work on software that could improve how mining collectives pool hash power.
Hive last had a $1 billion market value in November 2017.